The following data has been provided by Lee Company regarding its inventory purchases and sales throughout the year. 
Required:
Compute the cost of goods sold and ending inventory using the perpetual inventory system for the LIFO cost flow assumption.
Definitions:
Validity Problem
An issue that arises when the measure or test does not accurately capture or represent what it is intended to assess.
Performance Measurement
The process of evaluating the efficiency and effectiveness of an action or organization through quantifiable indicators.
Poorly Defined
Refers to concepts, terms, or ideas that lack clear, concise, or comprehensive descriptions, making them difficult to understand or interpret accurately.
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Refers to the efficiency and effectiveness with which an individual or group accomplishes their assigned responsibilities and tasks within a given context.
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